Actually, a long, long time ago, I talked about arbitrage on Weibo and mentioned that waiting is for bigger opportunities. Before 2021, it was common (more than twice a year) to see quarterly -10% premiums. These days, it’s testing your patience when it’s at -2% premium—how do you resist the urge to act? This is all about human nature. Human nature is honestly pretty fascinating. When the price drops a bit, you want to go all in and buy the dip. Then when there’s another big crash, you get scared. When it rebounds and you break even, you immediately sell. You endure a 10% drawdown just to make 1%. A good buddy of mine recently, when the price dropped to 75k, kept urging me to buy, saying we could just ride the rebound and get out. I was thinking, how much can this rebound really go? Not much. Why would I buy? (Note ⚠️: The goal is to play the rebound, not to hold long-term until it hits 200k.) Same logic applies to dual-currency earnings (basically selling puts whenever you’re free)—how much can you really make? Not much. Why would I bother? During big market swings, IV is high and profits are good, so selling puts makes sense. But when IV is low and you’re just selling puts for no reason, I really don’t get it. Yeah, just wait a bit longer. Back during those big crashes, why didn’t you dare to buy the dip? Most of the time, it’s because you already had positions and were scared of the losses.